By Kathy Henne

Contributing columnist

It is very important that you do not change jobs, make any major purchases (new car or truck or new furniture) or open new credit cards. Any of these activities could mean you no longer qualify for your loan.

Order Appraisal – Your lender has ordered the appraisal. An appraisal is an estimate of the value of the property by a licensed professional appraiser. Once issues are resolved from the inspection, your lender will order an appraisal paid for by you. The appraisal verifies the value of the property for the lender. The contract is usually contingent upon whether the appraisal comes back at or above the purchase price. If the appraisal comes back low, it’s back to negotiations!

Obtain Your Mortgage – You will have five days from the date of contract to begin your loan application. During the next 25 – 30 days before closing, your lender will be finalizing the loan.

Conduct Survey – Your lender may require a survey. The survey is a sketch showing a map of the property lines and boundaries and reveals if there are any encroachments on the property. The survey is ordered by the title company and paid for by the buyer as part of their closing costs.

Title Search – The title company will conduct a title search to ensure the property is legitimate and that there are no outstanding mortgage liens, judgements, easements, leases, unpaid taxes or other restrictions that would impact your ownership.

Clear to Close – The magic words! This phrase means the mortgage underwriter has officially approved all the documentation required to fund the loan. All that remains is the actual closing!

Contact the Kathy Henne Team Re/MAX by calling 937-778-3961